- Diwali is the right time to expand your business
- Loan against property offers high-value loans to cater to your business needs
- loan against property offers you a with low-interest rates.
The auspicious festival of Diwali marks the Hindu New Year with a promise of prosperous, new beginnings. It is the time when businessmen worship Goddess Laxmi and seek her blessings to shine down on their businesses. This is why it makes more sense to opt for a mortgage loan this Diwali to expand your business.
Consider the viable option of a loan against property to finance your business needs.
With a loan against the property for a business startup, you get a certain percentage of the market value of your property as a loan. This certain percentage can go up to 70% depending upon the lender.
Let’s look into the benefits of Loan against property and know how it can help you expand your business this Diwali.
Fast Loan Approval and Simple Process
Loan against property is a secured loan that calls for collateral, which makes it less risky for lenders. Hence, the scrutiny process to approve a loan becomes simpler. It involves minimum documentation and the promise of faster loan approval. You can receive an approval within 72 hours. You can also avail a doorstep service to submit your documents.
Since a mortgage loan is a secured loan, you receive a lowered rate of interest. The collateral that you offer to the lender helps to determine the exact percentage of interest on your loan. The Loan Against Property Interest Rates is flexible or fixed, depending on lender policies.
Losses and profits are an indispensable part of any business. In such situations, a longer loan tenor can help repay the loan amount as and when you have a favorable business condition. According to your repayment capacity, you can choose either a long or a short loan tenor. In a loan against property, you can select a tenor up to 18 years.
Flexi Hybrid Loan
Perhaps your business requires only a portion of the loan amount that you receive. But, unfortunately, with conventional lenders, you have to pay the interest on the entire amount.. However, you can benefit from the features provided by the Flexi hybrid loan. With a Flexi hybrid loan on your property, you only pay the interest on the amount you use and not on the entire loan amount.
Your loan tenor can also affect your monthly EMIs. When you avail for a longer loan tenor, you can get to pay them through lower EMIs. A lower EMI coupled with longer tenor is useful in repaying the loan as you navigate through the ups and downs of your business.
The benefit of Higher Value Loan
A festive season or an occasion calls for increased marketing efforts and the services of additional staff. Unless you have set aside reserve funds for it or have adequate funds, it can get challenging to meet festive demands. Unlike other loans, mortgage loans can get you a much higher amount. Once you fulfill the loan against property eligibility and submit the loan against property documents required, you can avail a loan up to Rs. 3.5 crore.
To Sum Up
Diwali is the ideal opportunity to expand your business and become profitable. A mortgage loan with a high-value amount and low interest can help in fulfilling your business plans. With its flexible repayment facility and longer tenor, it could further help you pay back the amount without putting a drain on your current situation.